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☆ Boring no more. Goldman says buy these utility stocks that are enabling a clean energy future
▼ + stars: | 2023-06-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Utility stocks are poised to capitalize on a clean energy future, according to Goldman Sachs. The shift to clean energy will require a "significant" amount of capital investment, which will contribute to attractive earnings and rate base growth, Davenport said. Among the names Goldman rated a buy are American Electric Power, NextEra Energy, Sempra and Southern Co. American Electric Power and NextEra Energy both hit several of Goldman's themes. NextEra Energy offers more than 21% upside to Goldman's price target, plus a 2.5% dividend yield. Meanwhile, Sempra is also an attractive growth opportunity, Davenport said.

Persons: Goldman Sachs, enablers, Carly Davenport, Davenport, Goldman, Sempra, CNBC's Michael Bloom Organizations: Utilities, Fund, Industry, American Electric Power, NextEra Energy, Sempra, Southern Co . American Electric Power, NextEra, Florida, Electric, LNG, Infrastructure, Southern Co Locations: United States, Southern, FPL, Texas

☆ Treasury yields rise slightly as investors assess interest rate outlook
▼ + stars: | 2023-06-08 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the 10-year Treasury yield was trading more than 2 basis point higher at 3.809%. The 2-year Treasury yield was up by around 2 basis points at 4.569%. U.S. Treasurys rose slightly Thursday as investors prepared for the Federal Reserve's next interest rate policy decision, which is expected on June 14. Investors assessed the outlook for the economy and focused their attention on the upcoming Fed meeting in a week that is light on the economic data front. May's consumer inflation report is due Tuesday, just a day before the Fed's rate decision.

Organizations: Federal

The draft plan, which was presented at Kishida's top economic advisory panel on Wednesday, underscored the challenge for the leader, who is seen as a fiscal hawk, to strike a balance between economic growth and fiscal consolidation. The closely-watched policy framework will be approved by Kishida's cabinet this month, along with a separate action plan on his "new capitalism" agenda. "We will not abandon the flag of fiscal reform," Economy Minister Shigeyuki Goto told reporters after the panel's meeting. "There's no change to the government stance of striving to achieve a primary budget surplus in fiscal 2025," Goto added. The framework said the government will conduct a review of any progress of its fiscal reform in the fiscal year 2024 so as to create a medium-term economy and fiscal scheme.

Persons: Fumio Kishida's, Takahide Kiuchi, Shigeyuki Goto, Goto, largesse, Kishida Organizations: Nomura Research Institute, Liberal Democratic Party, LDP ₎, International Monetary Fund, Bank of Japan, Thomson Locations: TOKYO, Japan

☆ STMicroelectronics and Sanan plan silicon carbide venture in China
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 7 (Reuters) - Semiconductor supplier STMicroelectronics (STMPA.PA) and Sanan Optoelectronics (600703.SS) plan to set up a silicon carbide manufacturing joint venture in Chongqing, China, they said on Wednesday. The companies said the cost of the venture was expected to be about $3.2 billion, including capital expenditure of about $2.4 billion over the next five years. The venture will produce silicon carbide devices exclusively for STMicroelectronics which are used in electric cars and other industrial power and energy applications. "China is moving fast towards electrification in automotive and industrial and this is a market where ST is already well-established with many engaged customer programs. Reporting by Sudip Kar-Gupta; editing by David Goodman and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Sanan, Jean, Marc Chery, Sudip Kar, David Goodman, Jason Neely Organizations: Semiconductor, Thomson Locations: Chongqing, China

☆ Bain Capital values Chindata at nearly $3 bln in take-private offer
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

Bain Capital's proposal values each American depositary share of Chindata at $8, representing a premium of more than 27% to its last closing price. The private equity firm already owns a 42.2% stake in Chindata, according to Bain Capital. Data centers and cloud services have seen increased demand due to the widespread adoption of AI technologies. However, analysts expect enterprise customers to optimize their expenditure on cloud services. Chindata's services include designing and operating data centers in China, India and Southeast Asia.

Persons: Bain, Akash Sriram, Shounak Dasgupta Organizations: Chindata, Bain Capital, Bain Capital ., Thomson Locations: Chindata, China, India, Southeast Asia, Bengaluru

☆ Bourse operator ASX on track for worst day in 11 years on higher cost outlook
▼ + stars: | 2023-06-06 | by ( Navya Mittal | ) www.reuters.com time to read: +1 min

June 6 (Reuters) - ASX Ltd (ASX.AX) lifted its capital expenditure outlook for fiscal 2024 on Tuesday, sending shares of the Australian bourse operator on track for their worst day since August 2012, if losses hold. Shares of ASX slipped as much as 10.1% to A$60.74, hitting their lowest since Jan. 16, 2019. The operator forecast its capital expenditure to come in between A$110 million ($72.74 million) and A$140 million for fiscal 2024, and revised its fiscal 2023 expense growth outlook to 12% - the top-end of its previous view. ASX has earmarked higher expenses to replace its Clearing House Electronic Subregister System (CHESS) software, for which the stock exchange operator submitted a report on Monday. ($1 = 1.5122 Australian dollars)Reporting by Navya Mittal in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Navya Mittal, Sherry Jacob, Phillips Organizations: Australian bourse, Citi, Thomson Locations: Bengaluru

BEIJING, June 6 (Reuters) - Chinese universities are drastically increasing tuition fees this year, with some making their first rises in two decades, hurt by a reduced national budget for tertiary education and tight local government finances. The higher fees come amid a financial crunch among local governments after three years of disruptive COVID-19 policies, a property crisis and a sluggish economy. Chinese universities, almost all public, rely heavily on state funding. The study suggested increasing tuition fees for international students to as much as 110,000 yuan per year from about 20,000 yuan. ($1 = 7.1165 Chinese yuan renminbi)Reporting by Ella Cao and Ryan Woo.

Persons: Liu Jin, Ella Cao, Ryan Woo, Gerry Doyle Organizations: East China University of Science, Technology, Shanghai Dianji University, Beijing Institute of Technology, Thomson Locations: BEIJING, Shanghai, Sichuan, Jilin

KUWAIT, June 6 (Reuters) - Kuwait on Tuesday holds its second legislative election in nine months in a bid to resolve a grinding political crisis that has seen parliament repeatedly dissolved and reinstated, hindering economic reforms. Kuwait's last election was in September 2022, when opposition candidates made gains and which was called to replace the 2020 parliament which had been dissolved in a bid to end political bickering. The 2022 vote was nullified in March and parliament was reinstated under its 2020 composition. Frequent political deadlock in Kuwait, the Gulf region's oldest and most lively legislature, has for decades led to cabinet reshuffles and parliament dissolutions. "In terms of moving past this political impasse, political reform is often discussed, but there is little agreement about what type of reform would be best" Freer said.

Persons: state's, reshuffles, Courtney Freer, Freer, Lisa Barrington, Ahmed Hagagy, Bernadette Baum Organizations: National Assembly, Emory University, Monetary Fund, Debt, Thomson Locations: KUWAIT, Kuwait, dissolutions

☆ Spotify to lay off 200 workers in podcast division
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

June 5 (Reuters) - Spotify Technology SA (SPOT.N) said on Monday it would cut 200 jobs from its podcast unit in its second round of layoffs, as the company restructures the business after years of heavy investment. Spotify had spent aggressively to build up its podcast business in recent years, hoping the higher engagement levels offered by the format will bring in more advertisers. In response, Spotify cut 6% of its workforce earlier in 2023 and announced the departure of Dawn Ostroff, who helped shape its podcast business and guided it through controversies such as the backlash around Joe Rogan's show for allegedly spreading misinformation about COVID-19. Sahar Elhabashi, who heads the podcast business, said on Monday that the company has "made the difficult but necessary decision to make a strategic realignment." Spotify also said it will merge its Parcast and Gimlet studios into a single Spotify Studios division, which will produce Spotify originals.

Persons: Dawn Ostroff, Joe Rogan's, Sahar Elhabashi, Elhabashi, Tiyashi Datta, Vinay Dwivedi, Shweta Agarwal Organizations: Spotify Technology SA, Spotify, Spotify Studios, Thomson Locations: Sweden, Bengaluru

☆ Japan's Q1 GDP growth seen revised up on strong capex
▼ + stars: | 2023-06-02 | by ( Kantaro Komiya | ) www.reuters.com time to read: +2 min

TOKYO, June 2 (Reuters) - Japan's economy likely grew more than initially estimated in the first three months of this year, thanks to solid investments by manufacturers, a Reuters poll showed. Economists also projected Japan's current account balance stayed in black in April thanks to a smaller services deficit as tourists flocked back to the country. The median estimate for April current account stands at a surplus of 1.6638 trillion yen ($12 billion). The government will release the revised first-quarter GDP figures and the current account balance data at 8:50 a.m. on June 8 (2350 GMT, June 7). Household spending data is due at 8:30 a.m. on June 6 (2330 GMT, June 5).

Persons: Kantaro Komiya, Kim Coghill Organizations: Ministry of Finance, Manufacturers, Nikko Securities, Thomson Locations: TOKYO, Japan

☆ Indian ports will test tycoons' safe harbour
▼ + stars: | 2023-06-02 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

For the public market wannabe, it tees up a tricky benchmark in a global industry with few listed giants. JSW Infrastructure is closely aligned to India’s growth story. More than half of cargo handled at Indian ports last year was coal, petroleum oil and lubricants. JSW Infrastructure grew revenue 92% in the three years to March 2022, three times as fast as its rival. JSW Infrastructure, India’s second largest commercial ports operator by cargo handling capacity, in May filed for an initial public offering in Mumbai to raise up to 28 billion rupees ($340 million).

Persons: Gautam Adani, Sajjan Jindal, Adani, JSW, ”, Una Galani, Katrina Hamlin Organizations: Reuters, Hindenburg Research, Deloitte, JSW, Infrastructure, Deloitte Haskins, Securities and Exchange Board of India, JM Financial, Axis Bank, State Bank of India, HSBC, Credit Suisse, Thomson Locations: BENGALURU, Mumbai, Goa, Tamil Nadu, West, JSW

☆ Manhattan district attorney urges court to reject Trump bid to move criminal case
▼ + stars: | 2023-05-31 | by ( Jeremy Herb | ) edition.cnn.com time to read: +2 min

CNN —The Manhattan District Attorney’s office is arguing that former President Donald Trump’s criminal case involving hush money payments to adult film star Stormy Daniels should not be moved to federal court because it had nothing to do with Trump’s official duties as president. Trump pleaded not guilty to all charges. Earlier this month, Trump’s attorneys sought to move the criminal case against Trump from New York into federal court, arguing the Manhattan district attorney’s charges against Trump were tied to his duties as president. But the district attorney’s filing urges a federal judge to reject that bid, saying that the payments at question related to his personal business and were made to “conceal criminal conduct that largely occurred before his inauguration.”“The objective of the alleged conduct had nothing to do with defendant’s duties and responsibilities as President,” the Manhattan district attorney’s office wrote. At that hearing, Merchan set a trial date of March 25, 2024, potentially setting the trial to occur during the middle of the Republican presidential primary season early next year.

Persons: Donald Trump’s, Stormy Daniels, Attorney Alvin Bragg, Daniels, Trump’s, Rudy Giuliani, ” Trump, Michael Cohen, Trump, ”, Juan Merchan, Merchan Organizations: CNN, Manhattan District, Manhattan, Attorney, Trump, Republican Locations: Manhattan, New York

☆ Qantas expects international unit to be twice as profitable as tourism rebounds
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] Qantas planes are seen at Kingsford Smith International Airport in Sydney, Australia, March 18, 2020. REUTERS/Loren Elliott/File PhotoMay 30 (Reuters) - Qantas Airways (QAN.AX) on Tuesday forecast its international divisions to be twice as profitable in the post-COVID era on strong recovery in tourism, with earnings at domestic and loyalty divisions also projected to improve. Qantas also expects its Loyalty division to reach its fiscal 2024 earnings before interest and taxes target of A$500 -A$600 million, rising further to A$800 million to A$1 billion by fiscal 2030. Qantas reaffirmed its 2024 capital expenditure forecast provided in February of between A$3 billion and A$3.2 billion. Qantas shares were trading 1.8% higher as at 0300 GMT, marking their biggest intraday gain in nearly a week.

[1/2] Former U.S. President and Republican presidential candidate Donald Trump attends a campaign event in Manchester, New Hampshire, U.S., April 27, 2023. In documents filed in U.S. District Court in Manhattan, Bragg argued that Trump is not entitled to the change in venue because he is not a federal officer. Lawyers for Trump have previously requested to move the case out of New York state court. "He does not plausibly meet the required elements to justify removal to federal court." Trump, who lost the 2020 election to Democratic President Joe Biden, is currently the frontrunner for the Republican nomination for 2024.

Persons: Donald Trump, Brian Snyder, Attorney Alvin Bragg, Donald Trump's, Bragg, Trump, reimbursements, Michael Cohen, Stormy Daniels, reimbursing Cohen, Daniels, Defendant, Cohen, Joe Biden, Tyler Clifford, Caitlin Webber, Leslie Adler Organizations: U.S, Republican, REUTERS, YORK, Attorney, Trump, Prosecutors, New, Democratic, Thomson Locations: Manchester , New Hampshire, U.S, Manhattan, New York, York, New York City

PREVIEWBirol pointed to a “powerful alignment of major factors,” driving clean-energy spending higher, while spending on oil and other fossil fuels remains subdued. The Covid-19 pandemic appears to have marked a turning point for global energy spending, the IEA’s data shows. While clean-energy spending has boomed, spending on fossil fuels has been tepid. Investments in clean energy and fossil fuels were largely neck-and-neck in the years leading up to the pandemic, but have diverged sharply since. “If there is not enough investment globally to reduce the oil demand growth and there is no investment at the same time [in] upstream oil we may see further volatility in global oil prices,” Birol said.

☆ German economy enters recession as first-quarter GDP data is revised lower
▼ + stars: | 2023-05-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The German economy entered a technical recession in the first quarter of this year, as households tightened spending. Data from the German statistics office on Thursday showed a downward revision to GDP (gross domestic product) from zero to -0.3% for the first three months of the year. The European Central Bank is expected to raise rates again at its next meeting on June 15. German Central Bank Governor Joachim Nagel said earlier this week that the ECB has "several" more rate increases ahead. He is one of the most hawkish members of the central bank.

☆ Japan March core machinery orders fall for 2nd straight month
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

Summary March core orders -3.9% m/m vs f'cast +0.7%Core orders -3.5% yr/yr vs f'cast +1.4%April-June core orders seen to rise 4.6%TOKYO, May 22 (Reuters) - Japan core machinery orders fell in March for a second straight month, indicating firms' cautious about capital spending amid worries about the global economic slowdown. But tame reading in the machinery orders may cast doubts about the pace of the economic recovery. Compared with a year earlier, core orders, which exclude volatile numbers from shipping and electric utilities, fell 3.5% in March, according to the data. Manufacturers surveyed by the Cabinet Office are expecting core orders to rise 4.6% in April-June, after a 2.6% growth in the previous quarter. The government kept its view on machinery orders, saying they are "stalling".

SummarySummary Companies U.S. debt limit talks to kick off at 5:30 p.m. President Joe Biden and House Republican Speaker Kevin McCarthy will meet for talks on Monday after their discussions almost fell apart on Friday. The fresh talks come less than two weeks before a deadline after which the Treasury warned that the federal government will struggle to pay its debts. Reuters Graphics Reuters GraphicsAdvancing issues outnumbered decliners by a 1.71-to-1 ratio on the NYSE and by a 1.78-to-1 ratio on the Nasdaq. The S&P index recorded 13 new 52-week highs and three new lows, while the Nasdaq recorded 46 new highs and 35 new lows.

LAKE CHARLES, La., May 18 (Reuters) - In Washington, Republican U.S. Representative Clay Higgins has been a vocal advocate for spending cuts. As a member of the hard-right Freedom Caucus, Higgins was an early advocate for dramatic spending cuts, many of which ended up in the House bill. He hopes the spending cuts backed by Higgins won't affect local efforts to provide affordable housing. When it comes to spending, Higgins has been a solid "no" in Washington. For some local residents, Higgins' push for spending cuts in the face of so much need remains incomprehensible.

☆ China's fiscal revenue growth quickens as economy recovers
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

BEIJING, May 18 (Reuters) - China's fiscal revenue rose 11.9% in the first four months of 2023 from the same period a year earlier, accelerating sharply from a 0.5% rise in January-March, official data showed, as the economy stages a gradual but uneven post-COVID recovery. Fiscal revenue totalled 8.32 trillion yuan ($1.20 trillion)in the first four months while fiscal expenditure grew 6.8% to 8.64 trillion yuan, the ministry said in a statement on Thursday. In April, fiscal revenue jumped about 70% from a year earlier, accelerating sharply from a 5.5% rise in March, according to Reuters calculations based on the ministry's data. The world's second-largest economy is recovering after three years of stringent COVID-19 curbs, but April data suggested the economy lost momentum at the beginning of the second quarter. ($1 = 6.9121 Chinese yuan renminbi)Reporting by Ellen Zhang and Ryan Woo; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ BT to cut up to 55,000 jobs by 2030 as fibre and AI arrive
▼ + stars: | 2023-05-18 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

By that time, the bulk of its full-fibre network build will be completed. But free cash flow (FCF) fell 5% to 1.3 billion pounds, at the lower end of its guidance, due to increased cash capital expenditure. Forecasts for free cash flow for 2024 were also lighter than analysts had expected. It has been investing heavily to build out its fibre network faster than rival Virgin Media O2 and smaller "alt nets". BT said it expected to grow both revenue and core earnings on a pro forma basis this year.

☆ British telecom giant BT to cut up to 55,000 jobs by 2030
▼ + stars: | 2023-05-18 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

LONDON — U.K. telecommunications giant BT Group said Thursday it will cut between 40,000 to 55,000 of its workforce between 2028 and 2030. The layoffs, which will include both direct BT employees and third-party workers, will mark a 31-42% reduction in company staffing. New BT Group will be a leaner business with a brighter future," BT Chief Executive Philip Jansen said in a statement. BT's last large-scale workforce reduction saw the company announce in 2018 that it would slash 13,000 posts over a three-year period. BT shares were down 8% by 9:30 a.m. London time.

☆ Mark Gietzen, 69, Dies; Zealous Lieutenant in the Anti-Abortion Movement
▼ + stars: | 2023-05-18 | by ( Alex Traub | ) www.nytimes.com time to read: +1 min

Mark Gietzen, who gained prominence as one of the nation’s most zealous grass-roots opponents of abortion, died on Tuesday. The Wichita Eagle reported that Mr. Gietzen died when his Cessna 172 crashed a few miles northeast of Chambers, Neb. Last August, in what would turn out to be his final large-scale political initiative, Mr. Gietzen (pronounced GEET-zin) spent nearly $120,000 to finance a recount of the decisive vote in Kansas to preserve abortion rights. That month, Mr. Gietzen told The Eagle that the expenditure would make it harder for him to renovate his Cessna, which he said he had been working on for 15 years. Mr. Gietzen had been prominent in Kansas politics since the so-called Summer of Mercy in 1991, when thousands of people converged in Wichita to block access to abortion clinics, risking arrest.

☆ Credit Suisse faces restrictions on business till deal closure
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Credit Suisse Group AG faces certain restrictions in its ability to do business until its acquisition by rival UBS Group AG (UBSG.S) is completed, according to a regulatory filing on Tuesday. In certain cases, without prior UBS approval, Credit Suisse cannot grant a new credit facility or credit line in an amount exceeding 100 million Swiss francs ($113 million) to investment grade borrowers or more than 50 million francs to non-investment grade borrowers, the filing showed. In addition, Credit Suisse cannot undertake any capital expenditure of more than 10 million francs or enter into certain contracts worth more than 3 million francs per year. The filing also showed Credit Suisse cannot order any "material amendments" to its employee terms and conditions, including remuneration and pension entitlements, while the merger is underway. UBS estimated a "negative goodwill" of $34.8 billion from its acquisition of Credit Suisse.

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